Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for American Airlines Inc. > News item |
American Airlines launches $1 billion term B at Libor plus 250 bps
By Sara Rosenberg
New York, Nov. 30 – American Airlines Inc. held its lender call on Wednesday, launching a $1 billion seven-year senior secured term loan B (Ba1/BB+) that is talked at Libor plus 250 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Covenants include minimum unrestricted liquidity and a minimum collateral coverage ratio of 1.6 times.
Citigroup Global Markets Inc., Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp., Credit Agricole, ICBC and US Bank are the joint lead arrangers on the deal.
Commitments are due at 5 p.m. ET on Dec. 7, the source added.
Proceeds will be used to repay a 2019 term loan and for general corporate purposes.
Closing is targeted for Dec. 15.
American Airlines is a Fort Worth, Texas-based airline company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.